Rebounding Ghana’s Economy Through Dawa Industrial Zone: GIPC’s Plan to Attract FDIs to the Centre of the World
Deputy Director of the Ghana Investment Promotion Centre (GIPC), Madam Evelyn Nyarko, during her presentation at the executive business forum of the recent Africa Industrial Trade Show (AITS), shared key innovations of the GIPC to draw local and foreign investments into the country.
At the AITS executive business forum, held on 2nd November 2022, Madam Nyarko shared the Centre’s mandate to promote, coordinate and facilitate investments in Ghana. She also noted that the Ghana Investment Promotion Centre (GIPC) is committed to showcasing Ghana as an influential leader in doing business in Africa. One of the ways GIPC is advancing transparency in its investment policy is through this publication of a comprehensive list of investment incentives made available to investors by the Government of Ghana.
The Ghana Investment Promotions Centre plays a role in establishing and maintaining liaison between investors and Ministries, Government departments and agencies, institutional lenders and other authorities concerned with Investment. They are also responsible for furnishing investors with current information on incentives accessible to investors. Again, they also administer support services to both new and existing investors and assist with the acquisition of requisite permits.
The GIPC’s efforts are geared towards getting foreign investors to set up their industries in Ghana to aid with the country’s industrial growth. Ghana’s foremost special economic zone, the Dawa Industrial Zone, makes for a conducive hub to house all types of light and heavy industries, and cater to all kinds of manufacturing activities with its infrastructure.
As a way of attracting foreign direct investments into the country, GIPC has laid out investment incentives which include:
- A custom duty exemption for agricultural, and industrial plants, machinery and equipment imported for investment purposes.
- Corporate tax of 25% and 25% corporate tax for the first three years for newly listed companies.
- Location Incentives (tax rebate) for manufacturing industries located in the regional capitals.
- Guarantees against expropriation of private investments provided and buttressed by the Ghanaian Constitution. Additional guarantees also include free transferability of capital, profits, and dividends
- Insurance against non-commercial risks – Ghana is a signatory to the World Bank’s Multilateral Investment Guarantee Agency (MIGA) Convention
- Double Taxation Agreements (DTAs) – to rationalize tax obligations of investors to prevent double taxation. DTAs have been signed and ratified with France and the United Kingdom. DTAs have been signed with Germany and concluded with Belgium, Italy and Yugoslavia.
Nearing the end of her presentation, Madam Nyarko explained that these incentives and many others offered by the agency are supposed to appeal to investors to encourage them to make Ghana their one-stop shop. The GIPC sides with the government’s intent to build back better Ghana’s economy and thus, seeks to help investors utilize the limitless opportunities that exist in the country.
The Ghana Investment Promotion Centre (GIPC) is a government agency that provides support services for foreign investors to encourage them to invest in the country. It aims to promote Ghana’s competitive advantages such as resource endowments, geographical location in relation to major international markets as well as non-traditional prospects for investment opportunities.
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